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30 January 2018

Bloomberg: EU is refusing to budge on post-Brexit financial services

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UK banks will have limited access to the European Union’s single market after Brexit if the government refuses to weaken its red lines, the European Commission told diplomats, according to two people familiar with private discussions in Brussels.

While the British government is aiming for a wide-ranging agreement to give financial institutions full EU access, a restricted approach similar to that which Canada enjoys is the only viable option, Commission officials said in a presentation to representatives of the 27 remaining nations on Tuesday. That position is in line with the stance expressed earlier this month by chief negotiator Michel Barnier. The Commission has completely ruled out full passporting rights, which would allow U.K. to sell services freely in the single market, the people said. [...]

The Commission officials told diplomats that the U.K.’s financial services access would probably be based on three pillars: 

  • Canada-style free trade agreement model 
  • Some equivalence 
  • Regulatory cooperation

Full article on Bloomberg

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